When you run a busy plumbing business, having a close look at your insurance probably isn’t on your priority list. However, insurance is designed to protect you and your business and it’s important you have the right policies in place. Today we’ll have a look at the top insurance policies that plumbers need to consider.
1. Public liability insurance
Public liability is hopefully something you’re familiar with because it’s absolutely essential for plumbers. Your liability insurance means you’re covered if you’re found liable for damage to property or injury to a person which has occurred due to your actions at work. You could easily find yourself liable in scenarios such as a pipe leaking after a job and damage occurring in a client’s home. Injury to a person could also occur if someone trips or is injured by equipment you’ve installed. If damage happens, you could be liable for the cost of repairs, replacement, medical bills, rehabilitation and any other associated costs.
2. General property cover
Plumbers generally need to travel around to different jobs and your equipment and tools travel with you. If your gear is lost, damaged or stolen, not only is this a major inconvenience but it can also be a huge expense when you need to pay for repairs or replacements. If you think about how many tools you own and the individual cost of these items, your out of pocket expense could be thousands of dollars. General property insurance covers the items that travel with you if they’re lost, damaged or stolen.
3. Life insurance
However uncomfortable you may feel talking about it, you need to consider what would happen to your family if you suddenly died. How would your family cope financially? Life insurance provides a lump sum payment to your family following your death which they can then use however they need to. This money is commonly used for debts such as car loans or mortgage, ongoing costs like rent and utilities, education costs for children and general living expenses.
4. Workers Compensation Cover
If you run your own plumbing business and have employees working for you, it’s compulsory that you have workers compensation cover in place. This insurance is designed to protect both you and your employees as it means that if an employee is successful following a worker’s compensation claim, the insurer reimburses you for any ongoing payments that you make.
5. Personal accident and illness cover
Being self-employed can have many benefits but once of the disadvantages is that if you’re unable to work, you stop earning an income. If you’re suddenly not able to work due to injury or sickness, personal accident and illness cover means you’ll continue to receive a portion of your regular income during that period. These payments mean you’ll be able to pay your bills and maintain your lifestyle until you return to work.
To organise an insurance package for your plumbing business, contact All Trades Cover today on 1300 826 850 and we’d be happy to help. You can also fill in our easy online form.